Two directors of a Port Elizabeth investment company who were arrested for allegedly conning investors out of just over R17.5m will remain behind bars until their formal bail application is heard next month.
Michael Rathbone (31) and Leon Lewitton (29) made their first appearance at the Port Elizabeth Magistrates Court on Friday.
They were arrested by the Hawks on Thursday for illegally operating an investment company known as Helping Hand Investment (PTY) LTD between June 2016 and July 2019.
The pair face a total of 193 charges which include fraud and theft.
According to the Hawks the two allegedly recruited investors within Port Elizabeth and surrounding areas.
Spokesperson, Captain Anelisa Ngcakani, said that the investment period was a six to ten-year term and they promised a 15% to 45% return per annum”
She said that their investigation had revealed that the company was not an authorised Financial Service Provider and there were no records of any application from the company to be registered as such.
The state indicated on Friday that it would oppose any bail application and Rathbone and Lewitton were remanded in custody to 4 December.
(Pic: Helping Hand Facebook)
